All Forum Posts by: Andy Schornack

There's a few good posts out there on this  Linnea. Check out these threads:

https://www.biggerpockets.com/forums/49/topics/174...

https://www.biggerpockets.com/forums/92/topics/354...

https://www.biggerpockets.com/forums/49/topics/256...

Drop me a private message. Thanks!

I agree that LLCs are oversold. My parents have always owned in their names with no issue. I have always invested under an LLC but I don't really think that it has made anything easier or less risky. Use conventional up to 10 then find a community bank.

I have seen it work well, but primarily when the rental is on a lake with strong demand. The variability in rents and the limited buyers on an exit make it a less attractive investment opportunity in my opinion.  I would argue a better investment is a duplex in Minneapolis metro where you have longer rental contracts, larger potential exit opportunities, and likely a more stable market price for the building. 

Repairs and maintenance are probably under planned in the scenario but you are in Orono schools and if you are house hacking you should be well positioned. It's not a home run on price, fully valued IMO given condition.  If you can find your way to slowly upgrade the owner occupied unit over the first few months, it will serve you well on the rental market when you move.  Good luck! 

@Tyler Jensen most definitely a lot of Minnesota investors on Biggerpockets. Definitely across the metro area.  It's a great resource for everyone. 

@Arthur Thomas Perhaps call the local bank down there. Mark Heinemann is a nice guy whom I know and would probably point you in the right direction. His bank, Farmer's State Bank of Hartland has an office in Albert Lea.  Generally speaking they know they active buyers and builders in the area. 

@Ashley Hernandez many counties have maps of properties in redemption. 

Hennepin County for instance: http://www.hennepin.us/residents/property/foreclos...

I am a fan of the Dakota County foreclosure map: https://www.co.dakota.mn.us/HomeProperty/Foreclose...

Otherwise, Finance&Commerce has a site to search. http://publicnotices.finance-commerce.com/search/s...

If you know what county you are most interested in, their sites are a great starting point. Good luck! 

Alexandria, MN is a much different market @Account Closed than Minneapolis, MN area. More rural and helped by summer, lake season tourism. Kind of a regional center as county seat for that part of the state which helps.  I think the broader question in these communities is how long-term is your holding period and the required returns you want to achieve? There are certainly better cash return deals in Alexandria on smaller projects. If the property is in excellent condition, then a premium is deserved but you may struggle with the property appraising out to support higher valuations. We have run into that on occasion.  

@Kim Burke they also have a nice Facebook group where they post follow up from the meetings if you can't attend.